Author: Legal Parivar

Article 352 of the Indian Constitution grants the President of India the power to declare a state of emergency in the nation or any part thereof. This proclamation can be made if the President is satisfied that a grave emergency exists whereby the security of India or any part of its territory is threatened, whether by war, external aggression, or armed rebellion. The provisions of this article were significantly revised by the 44th Amendment to prevent the misuse of emergency powers witnessed during the Emergency period (1975-1977). Key Provisions of Article 352 Revisions Introduced by the 44th Amendment The 44th…

The 44th Amendment to the Constitution of India, enacted in 1978, was a significant legislative response to the excesses and abuses witnessed during the Emergency period (1975-1977). This amendment aimed to restore and safeguard democratic principles and civil liberties that had been undermined during the Emergency. Here are the key aspects and provisions of the 44th Amendment: Key Provisions of the 44th Amendment Impact and Significance Conclusion The 44th Amendment to the Constitution of India stands as a landmark reform aimed at rectifying the excesses of the Emergency period. It fortified the democratic framework, ensuring that fundamental rights and civil…

Today marks the anniversary of the imposition of the Emergency by then-Prime Minister Indira Gandhi on June 25, 1975. This period, which lasted until March 21, 1977, remains one of the most controversial and transformative chapters in India’s democratic history. As we look back nearly half a century later, it is essential to understand the causes, events, and lasting impacts of this significant period. Background and Reasons for the Emergency Declaration and Implementation Political and Social Impact End of the Emergency Legacy As we enter the 50th year since the Emergency’s imposition, it serves as a sobering reminder of the…

Indian health insurer Niva Bupa is planning a $360 million IPO, potentially valuing the company at up to $2.5 billion, as per sources and a document reviewed by Reuters. British United Provident Association (Bupa), holding a 63% stake, plans to sell shares worth up to $38 million, while Indian private equity firm True North aims to sell shares worth up to $225 million, according to the IPO document. Niva Bupa is set to file for regulatory approval next week. Both Niva Bupa, Bupa U.K., and True North declined to comment. This move highlights India’s thriving IPO market, with investors increasingly…

Shares of Indian Renewable Energy Development Agency (IREDA) surged over 4 percent on June 24 following the announcement of a ₹1,500 crore bond issuance. This state-run company’s bond issue comprised a base amount of ₹500 crore and an additional ₹1,000 crore via a green shoe option. IREDA’s exchange filing revealed that the bond issue was oversubscribed by 2.65 times. The funds were raised at an annual interest rate of 7.44 percent for a tenure of 10 years and two months. “We are pleased with the overwhelming response to our bond issuance. The 2.65 times oversubscription underscores investors’ trust and confidence…

Tax season can seem daunting, but in India, you’re not required to file an Income Tax Return (ITR) if your income is below the basic exemption limit, which varies based on age and tax regime. Here’s a breakdown of the thresholds under the old regime: Under the new tax regime, the filing threshold is a uniform ₹3 lakh for individuals, Hindu Undivided Families (HUFs), and other individuals (excluding companies and firms). However, filing an ITR is mandatory if your total income exceeds the basic exemption limit. Additionally, certain types of income, such as capital gains or earnings from foreign assets,…

India’s fastest-growing mutual fund, Quant Mutual Fund, is currently under scrutiny by the Securities and Exchange Board of India (SEBI) for suspected front-running practices. Front-running involves placing personal orders ahead of large trades to capitalize on anticipated price movements, which is illegal. This development has raised concerns among investors about the safety of their investments. Despite the investigation, mutual fund experts believe that the impact on investors might be minimal due to Quant Mutual Fund’s robust investment strategy focused on quality stocks. Notable holdings include Reliance Industries, Jio Financial Services, HDFC Bank, Adani Power, Tata Power, SAIL, LIC, and Aurobindo…

The Supreme Court of India has withheld its decision on Delhi Chief Minister Arvind Kejriwal’s plea challenging the Delhi High Court’s suspension of his bail in the excise policy scam case. The apex court announced it would await the Delhi High Court’s verdict and scheduled further hearings for June 26. The Delhi High Court halted Kejriwal’s release on Friday, overturning a bail granted by a trial court on June 20. In a notable observation, the Supreme Court vacation bench remarked on the unusual nature of the Delhi High Court’s stay order, emphasizing that decisions on stay applications are typically instantaneous…

Sylvan Plyboard IPO: Sylvan Plyboard (India) Ltd launched its initial public offering (IPO) on June 24 and achieved full subscription on the first day itself. This SME IPO will continue accepting bids until June 26. Sylvan Plyboard (India) Ltd manufactures various wood products and operates through 223 authorized dealers across 13 states. As of the first day, Sylvan Plyboard IPO has been subscribed 1.28 times, with bids received for 61.88 lakh equity shares against the total offer of 48.44 lakh shares by 3:00 pm. The subscription rate is 1.43 times in the retail category and 0.65 times in the Non-Institutional…

The Securities Appellate Tribunal (SAT) has temporarily halted the enforcement of a Securities and Exchange Board of India (SEBI) order penalizing Rajib Kumar Mishra, former non-executive director of PTC India Financial Services (PFS), according to a ruling dated June 21. SEBI had fined Mishra and former MD/CEO Pawan Singh for corporate governance lapses. Mishra, also chairman of PTC India, was penalized Rs 10 lakh and barred from holding board positions in listed companies for six months. Singh was fined Rs 25 lakh and barred for two years. Mishra contested SEBI’s order at SAT, which granted SEBI four weeks to respond…